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Growth Dynamics of Dairy Processing Firms in the European Union

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  • Gardebroek, Cornelis
  • Turi, Kedir N.
  • Wijnands, Jo H.M.
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    Abstract

    The structure of the dairy processing industry in the European Union has changed enormously in recent decades. In many countries the industry is characterized by a few large companies with a big market share accompanied by many small processors that often produce for niche markets. This paper investigates which factors relate to growth of dairy processing firms. Using a unique ten-year panel data set and recently developed dynamic panel data estimators, the growth process of dairy processors is investigated for six rather diverse European countries. The data structure and the estimation method allow for dealing with endogeneity issues in an appropriate way. Firm size growth measured in total assets is found to be affected by firm size, firm age and financial variables. Growth in number of employees is only affected by firm age and lagged labour productivity. Implications for these results are given in the final section of the paper.

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    Bibliographic Info

    Paper provided by International Association of Agricultural Economists in its series 2009 Conference, August 16-22, 2009, Beijing, China with number 51473.

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    Date of creation: 2009
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    Handle: RePEc:ags:iaae09:51473

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    Keywords: EU dairy processing industry; dynamic panel data; firm growth; Agribusiness; Agricultural Finance; Industrial Organization;

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    9. Thomas F. Cooley & Vincenzo Quadrini, 1999. "Financial Markets and Firm Dynamics," Working Papers 99-14, New York University, Leonard N. Stern School of Business, Department of Economics.
    10. Blandina Oliveira & Adelino Fortunato, 2005. "Firm Growth and Liquidity Constraints: A Dynamic Analysis," GEMF Working Papers 2005-07, GEMF - Faculdade de Economia, Universidade de Coimbra.
    11. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
    12. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May.
    13. Audretsch, David B. & Santarelli, Enrico & Vivarelli, Marco, 1999. "Start-up size and industrial dynamics: some evidence from Italian manufacturing," International Journal of Industrial Organization, Elsevier, vol. 17(7), pages 965-983, October.
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